Bank of America Corp DE Decreases Stock Position in CRISPR Therapeutics AG $CRSP

Key Points

• Bank of America reduced its CRISPR Therapeutics position by 10.4% in the first quarter, selling 113,815 shares and retaining 983,072 shares worth approximately $46.8 million. Institutional investors collectively own 69.2% of the company.
• CRISPR Therapeutics reported a quarterly loss of $0.94 per share on $10.18 million in revenue, while analysts project a full-year loss of $4.53 per share. The stock opened at $53.99, near its 50-day and 200-day moving averages.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $68.06, despite mixed individual ratings and the company’s continuing losses.

Bank of America Corp DE lowered its position in shares of CRISPR Therapeutics AG (NASDAQ:CRSP - Free Report) by 10.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 983,072 shares of the company's stock after selling 113,815 shares during the period. Bank of America Corp DE owned approximately 1.02% of CRISPR Therapeutics worth $46,765,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. UBS Group AG lifted its stake in CRISPR Therapeutics by 7.7% in the 4th quarter. UBS Group AG now owns 2,524,144 shares of the company's stock worth $132,366,000 after purchasing an additional 180,580 shares in the last quarter. Norges Bank acquired a new position in shares of CRISPR Therapeutics during the 4th quarter worth approximately $25,706,000. Leonteq Securities AG purchased a new stake in shares of CRISPR Therapeutics in the fourth quarter valued at approximately $1,155,000. Canal Insurance CO purchased a new stake in shares of CRISPR Therapeutics in the first quarter valued at approximately $1,670,000. Finally, Wealth Enhancement Trust Services Inc. acquired a new stake in shares of CRISPR Therapeutics in the fourth quarter valued at approximately $2,032,000. 69.20% of the stock is owned by institutional investors and hedge funds.

CRISPR Therapeutics Trading Down 0.1%

Shares of CRISPR Therapeutics stock opened at $53.99 on Thursday. The stock has a 50 day moving average of $52.43 and a 200 day moving average of $52.26. The company has a debt-to-equity ratio of 0.34, a quick ratio of 17.85 and a current ratio of 17.85. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of -11.34 and a beta of 1.74. CRISPR Therapeutics AG has a fifty-two week low of $44.12 and a fifty-two week high of $78.48.

CRISPR Therapeutics (NASDAQ:CRSP - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported ($0.94) EPS for the quarter. The business had revenue of $10.18 million during the quarter. CRISPR Therapeutics had a negative net margin of 3,368.72% and a negative return on equity of 24.39%. As a group, research analysts predict that CRISPR Therapeutics AG will post -4.53 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on CRSP. Citigroup boosted their price objective on CRISPR Therapeutics from $82.00 to $88.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Evercore reaffirmed an "outperform" rating and issued a $76.00 target price on shares of CRISPR Therapeutics in a research note on Monday, May 11th. Sanford C. Bernstein boosted their price target on shares of CRISPR Therapeutics from $50.00 to $56.00 and gave the company a "market perform" rating in a research report on Wednesday, May 13th. Morgan Stanley set a $60.00 price objective on shares of CRISPR Therapeutics and gave the company an "equal weight" rating in a report on Thursday, June 11th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $55.00 price objective on shares of CRISPR Therapeutics in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.06.

Insider Transactions at CRISPR Therapeutics

In other CRISPR Therapeutics news, insider Naimish Patel sold 3,786 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $55.62, for a total value of $210,577.32. Following the transaction, the insider owned 19,357 shares of the company's stock, valued at $1,076,636.34. This represents a 16.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 5.20% of the company's stock.

CRISPR Therapeutics Profile

CRISPR Therapeutics AG is a biopharmaceutical company specializing in the development of gene-editing therapies based on the CRISPR/Cas9 platform. The company applies its proprietary technology to modify genes in human cells, aiming to create durable treatments for a range of serious diseases. Its research and development efforts focus on both ex vivo and in vivo applications, enabling targeted correction or disruption of disease-causing genes.

Among its lead programs is CTX001, an ex vivo edited cell therapy designed to treat sickle cell disease and transfusion-dependent β-thalassemia in collaboration with Vertex Pharmaceuticals.

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